Technical Analysis Free Forex Signals AUD/USD Forex Signal AUD/USD Forex Signal Tuesday, 29 January 2019 13:06 Share 0 Tweet 0 Pin it 0 Yesterday’s signals were not triggered, as there was no bullish price action at 0.7175. Today’s AUD/USD Signals Risk 0.75%. Trades may only be taken between 8am New York time and 5pm Tokyo time today. Long Trades Long entry following some bullish price action on the H1 time frame immediately upon the next touch of 0.7116 or 0.7075. Put the stop loss 1 pip below the local swing low. Move the stop loss to break even once the trade is 20 pips in profit. Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run. Short Trades Short entry following some bearish price action on the H1 time frame immediately upon the next touch of 0.7175 or 0.7247. Put the stop loss 1 pip above the local swing high. Move the stop loss to break even once the trade is 20 pips in profit. Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run. The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels. AUD/USD Analysis I wrote yesterday that I thought the support level at 0.7175 was likely to hold so I would take a bullish bias above that level, in line with the strong bullish momentum we have already seen. However, I thought this approach would be even better with the NZD/USD currency pair. I was wrong, as the price simply fell and continued falling for several hours. It now seems that the level at 0.7175 has flipped to become resistance, which is a bearish sign. It does look likely to be the pivotal level for today, so although the price has been rising for the past few hours, if it cannot break and hold above 0.7175 over the next few hours, we are likely to see a fall from this area. That move might be triggered by Australian CPI data due later during the Asian session.Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm London time. Regarding the AUD, there will be a release of CPI data at 12:30am. Currency Pairs AUD/USD Adam Lemon Adam is a Forex trader who has worked within financial markets for over 12 years, including 6 years with Merrill Lynch. He is certified in Fund Management and Investment Management by the U.K. Chartered Institute for Securities & Investment. Learn more from Adam in his free lessons at FX Academy.